Elite Pharmaceuticals Inc (ELTP)

[Steges]

SunGen and Elite were 50/50 partners during development. Nobody disputes that. But that has nothing to do with who owns the ANDAs today. When SunGen collapsed, its half didn’t turn into Mikah owning 50 percent of the ANDA. What actually happened is exactly what Elite disclosed: Mikah took over SunGen’s economic rights and obligations, Elite took over the ANDAs, and the ANDAs are now registered under Elite’s name. If Mikah really owned half of the ANDA, they would show up with the FDA, appear on the correspondence record, or be disclosed in Elite’s SEC filings as a joint owner. They don’t. That’s because Mikah inherited SunGen’s economic slice, not regulatory ownership. So yes, SunGen had 50 percent of the economics back then. Today, Elite owns the ANDA and Mikah receives the old SunGen split. That’s all it is.